PROPERTY insurance would present growth prospects for non-life insurers in the Philippines, according to global firm Mapfre.
It underscored in a statement on Wednesday that the non-life insurance market still has untapped potential as the country attempts to recover from the looming repercussions of the Covid-19 outbreak.
In particular, Mapfre said the value of property insurance is predicted to rise tremendously as remote working has advanced during the pandemic and become one of the most viable solutions for businesses to function. Overall, the Philippines market is expected to rebound by over 6 percent in the future years.
Mapfre reported an 8.6 percent growth in property insurance sales from 2020 compared to 2019. Business insurance, such as engineering, casualty, and aviation, has also enjoyed continuous growth at the organization.
“The increase of sale in property insurance was mainly attributed to the fact that a great majority of Filipinos have switched to remote work, which meant reinforcing their homes and having it insured to cater to the current work-from-home setup,” Tirso Abad, president and chief executive officer of Mapfre, was quoted as saying.
The insurer said that as the economy recovers, the non-life business will see long-term growth, particularly in products that have seen considerable declines, such as vehicle, motor, and travel insurance.
Though the non-life insurance market still has a long way to go in terms of recovery, current trends indicate a shift toward greater use of digital technologies for instant access to insurance goods and services, it added.
Mapfre said it has adapted to these developments by emphasizing how digital transformation has enabled it to prosper despite economic turmoil and identifying some of the fastest-growing non-life insurance products.
Prior to Covid-19, it made the strategic decision to improve its digital capabilities by strengthening digital tools and strategies, as well as making its products and services freely accessible online, the firm mentioned.
Mapfre said that its goal for this year is to continually improve the client experience by enhancing claims processes, including notifications, and making all products available online. It also plans to provide new products aimed at other markets, particularly small and medium-sized businesses and the most vulnerable parts of the economy.
Article and Photo originally posted by Manila Times last September 24, 2021 12:00am and written by Mayvelin U. Caraballo.